It’s clear to see that in recent years the popularity of the subscription service has been exponentially increasing. The subscriptions services has grown more than 100% year-over year for the past five years.
Subscription has spread to many markets and companies since the rise of Netflix. Subscription nowadays comes in many forms some of which include:
Magazine (GQ, Vogue, Men’s Health, Time Magazine)
Grocery (Hello Fresh, Graze Variety box,
Gaming (Xbox games pass, PSN, Xbox live, Nintendo Switch Online)
Music (Apple Music, Spotify, Youtube Music)
Film/TV (Amazon Prime, Netflix, Now TV, Sky, Virgin)
and many more…
So what does this mean for the foreseeable future?
To quote Edward Hallett Carr “Change is certain, progress is not” and the popularity of subscription services can undoubtedly be categorised as a trend, at least for now. This may be subject to change but at least for the foreseeable future this rise in subscription based services presents an opportunity for all businesses.
What can YOUR business do with this opportunity?
This trend provides many opportunities some of which include:
A more predictable cash flow for your business.
An opportunity to create a niche within your market/sector/segment.
Added value for customers through convenience.
The opportunity to standardise your business and reduce overheads
Alternatively you can add value by delivering something new and interesting with each occurence of the subscription.
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